Posted by admin on Jul 1st, 2022

McGrath RentCorp (NASDAQ:MGRC – Get Rating) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Shares of MGRC opened at $76.00 on Friday. The stock has a market capitalization of $1.85 billion, a P/E ratio of 20.43, a P/E/G ratio of 1.87 and a beta of 0.79. The company’s fifty day moving average is $80.31 and its two-hundred day moving average is $80.18. McGrath RentCorp has a 1 year low of $67.08 and a 1 year high of $91.37.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. McGrath RentCorp had a net margin of 14.21% and a return on equity of 12.65%. The business had revenue of $145.37 million for the quarter, compared to analysts’ expectations of $146.41 million. During the same period in the prior year, the company posted $0.71 EPS. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, sell-side analysts anticipate that McGrath RentCorp will post 4.06 EPS for the current fiscal year.

In related news, VP John P. Skenesky sold 2,000 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $81.74, for a total value of $163,480.00. Following the sale, the vice president now directly owns 12,184 shares in the company, valued at approximately $995,920.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis P. Stradford sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $83.20, for a total transaction of $83,200.00. Following the completion of the sale, the director now owns 9,200 shares in the company, valued at $765,440. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,400 shares of company stock worth $361,690. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. DB Wealth Management Group LLC purchased a new stake in shares of McGrath RentCorp in the 1st quarter worth about $26,000. Lazard Asset Management LLC purchased a new stake in shares of McGrath RentCorp in the 1st quarter worth about $51,000. Pinebridge Investments L.P. purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth about $80,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth about $122,000. Finally, PNC Financial Services Group Inc. purchased a new position in McGrath RentCorp in the 1st quarter valued at about $168,000. Institutional investors and hedge funds own 92.27% of the company’s stock.

McGrath RentCorp Company Profile (Get Rating)

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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